SBI Savings Account Review| North Loop Official Blog
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11 Sep 2020

SBI Savings Account Review

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SBI Background and Overview –

SBI is the oldest commercial bank in the Indian subcontinent and offers a wide range of financial products and services to millions of customers. As one of the country’s largest commercial banks, it serves everybody from individuals to commercial enterprises and large corporates.

The bank also offers various types of savings account product apart from its regular savings account, and you can choose to opt for the same based on your eligibility criteria and personal needs.

Let us take a look at some of the different SBI savings account products and their primary features –

SBI Insta Basic Savings Account – This SBI bank account opening is completely online and paperless. You get a free RuPay Debit Card and a transaction limit of Rs.50000 with this account. The aggregate balance limit is up to Rs.100000.

SBI Digital Savings Account – This SBI bank account opening can be done online through its App, but you still have to visit the bank once to complete the process and open your account. You get a free personalised Platinum Debit Card with this account along with a withdrawal limit of Rs.100000.

SBI General Savings Account – This account offers safe deposit lockers, nomination facility as well as SMS alerts and e-statement facility.

SBI Savings Plus Account – This account offers nomination facility, internet banking, mobile banking and has a minimum threshold limit of Rs.35000.

SBI Special Salary Account – This account offers an auto-sweep facility that means the extra deposit in your savings accounts automatically gets transferred to a fixed deposit account to earn higher interest rates. The minimum balance requirement for this account is nil, and you also get free NEFT/RTGS facilities with it.

SBI Basic Savings Bank Deposit Account – The minimum balance requirement for this account is nil, and you get a RuPay ATM-cum-Debit Card with it.

SBI Small Savings Account – While the minimum balance requirement for this account is nil, the maximum account balance limit is Rs.50000. You get a free ATM-cum-Debit card with this account.

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SBI savings account interest rates –

SBI offers competitive interest rates on its various savings accounts depending on the balance present in them. The interest rates based on account balances are as follows –

  • Up to Rs.1 crore – 3.50 % pa
  • Above Rs.1 crore – 4.00 % pa

You can avail higher interest rates by opting for a digital banking service provider like North Loop. It offers high-interest rates on both its savings (6%) and fixed deposit account (7.5%) along with many other added benefits like 100% digital bank account online application, user-friendly platform interface, quick sign-up facility, 24*7 customer services and other financial services like home loans, life insurance, education loans etc.

Eligibility criteria –

To open an SBI savings account, you need to meet certain criteria like –
  • You should be a citizen of India
  • You should be 18 years or older (for a non-minor account)
  • You should have a valid proof of identity and address

Documents required –

  • Proof of identity
  • Proof of address
  • Passport-sized photographs
  • PAN card
  • Form 16

SBI Bank Account Opening Process –

SBI bank account opening involves the usual process of visiting the bank branch with the requisite documents and proofs, making the initial deposit and then waiting for the verification process to get completed. The SBI online bank account opening also necessitates a trip to the branch with the KYC documents even if you fill the application form online on its website. SBI online bank account opening cannot get considered as an exclusively online process and involves the same amount of trouble and hassle as the offline method. Also, the customer services and grievance redressal facilities of SBI is way below satisfactory. Even the SBI online customer care service is very poor as quick assistance is rarely available. To avoid these troubles, you can simply open a savings bank account with North Loop. It offers not only a high-interest rate but also an instant sign-up facility, quick-response customer services, minimal documentation account opening and user-friendly App experience.

So, click here and sign up now!

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.